OneCard Success Story – Various credit card issuers include VISA, MasterCard, etc. However, digitizations has brought many changes to the way we use credit card & the benefit that come with them. These benefits include a hassle free shopping experience, easy cash withdrawal, no need to carry cash, and hundred of reward & offers like cash back & coupon.
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OneCard Success Story
You can see that most of the working people use credit card which have become an indispensable part of their lives. With technology constantly changing, this company is the first to launch a credit cards for the mobile generation, we are talking about the new startups company called OneCard.
Founded in 2019, FPL Technologies launched the OneCard brand to redefine the credit card which is designed in metal with full stack technology backed with transparency & clarity making it the best mobile credit card in India. OneCard currently offers services in 12 cities in India including Mumbai, Bengaluru, Delhi and NCR.
OneCard, the new startups to join the unicorn club, has partnered with several bank including IDFC First Bank, SBM Bank, South Indian Bank, Federal Bank and Bank of Baroda Financial. It claim to have more than 600,000 user across the country.
To keep security under control, the company boasts a strong commitment to the security of its user data. It stores and uses user data using its strong secure procedures & technology implementations, along with regulatory compliance.
The OneCard credit card allow its users to controls all the features of a credit card, such as domestic or international use, limit transaction, online or offline, contactless payment & many more benefit. (OneCard Success Story)
Any customer looking to get started with OneCard can experience a seamless onboarding withouts a lot of hassle. Credit card activation is digital and takes five minutes. It comes with no hidden costs or annual fees by giving your customer more flexibility in using the card for transaction. It also offer EMI transactions that give more reward to its customers. Finally, one of the interesting features of OneCard is that the credit card can be shared with the user family, where the family will get their own OneCard, whose expenses can be controlled and managed by the users. OneCard is available on both Android and iOS.
|Founder||Rupesh Kumar, Anurag Sinha, Vibhav Hathi|
|Revenue||Rs 10 crores|
|Total Funding Raised||$225.2 million|
|Parent Organisation||FPL Technologies|
OneCard Industry Details
It is great to see that India is among the fastest growing Fintech market in the world today. With this, some statistics say that the Indian FinTech industry is predicted to be worth $180 billion according to Deloitte. Furthermore, the global revenue of the Fintech industry was reported to be around $90.5 billion & since then the figure has only gone up. (OneCard Success Story)
OneCard was founded by three banking veterans Rupesh Kumar, Anurag Sinha, and Vibhav Hathi in 2019.
Rupesh Kumar obtained his Master degree from the Indian Business School in Analytical Finance. He is also an alumnus of IIT, Delhi, where he obtained his BS in Mechanical Engineering. Rupesh started out working as a software engineer at Geometric Ltd. He also worked at Dresdner Kleinwort Wasserstein for almost 2 years. During his time at ICICI Bank, where he worked for 18 years, Rupesh dedicated himself to building & scaling mobile banking & digital payment at the bank, such as iMobile, UPI, instant payments services, digital wallet pocket and Internet banking. . He was responsible for raising equity and debt fund and the acquisition of two bank.
Anurag Sinha is a graduate of IIT, Varanasi. He has an MBA from the Indian Institute of Managements, Bangalore. Anurag serves as a member of the Global Advisory Board of Shoolini University, Himachal Pradesh. Before founding OneCard, he founded the Walnut App in 2016, which is a personal finance mobile app, which automatically track spending, bank and card balances, P2P and bill payment, and splits expenses withouts the need for bank password. The company was later acquired by Capital Float. He has been associated with many organization playing key roles. His longest period was at ICICI Bank, where he worked for 13 year. Anurag Sinha is currently the CEO of FPL Technologies.
Vibhav Hathi has worked at ICICI Bank for 14 years, where he has held many important roles. Before becoming a founding member of OneCard, Vibhav founded his first company called Open Canvas, which is a mobile based transaction platforms to power interoperable digital payment. He also joined Reliance as a managements trainee. Vibhav has an MBA from the Indian Institute of Managements, Kolkata.
OneCard Business Model & Income
OneCard business model is a mobile applications model. The company primarily offers B2C solution by partnering with various bank to offers credit card services. The company primary focus is consumer based initiatives & improving the customers experience. (OneCard Success Story)
OneCard core business is providing credit card customer for the first time with a mobile phone based virtual card to help them boost their credit score. It also offers an EMI service for purchases of Rs 3,000 & above, with an interest rate of 1.33% and a payback period of 3 to 24 month. The credit card can be used both online & offline. It also offer a loyalty programs to its customer, giving them reward point that they can spend on their next purchase.
The backbone of OneCard has a technology stack that enables common sense features like transactions transparency, credit card bill due dates, and incentives, which are more easily accessible.
OneCard Challenges Faced
One of the biggest challenges OneCard faces is competition with UPI. UPIs developed by retail bank are rapidly gaining popularity. Although the rapid adoption of UPI reduced the use of debit cards, on the other hand, credit cards appear to be relatively impervious. OneCard Success Story)
However, the central bank recent instruction that the role of co-branded partner for credit cards should be limited to card marketing & distribution and giving cardholder access to supplied product and services is expected to harm to multiple credit card startup. In addition to this, the integration of credit card with UPI indicates that there will be an increase in the use of credit card, but also poses a challenge for their business model due to the lack of clarity on the merchant discount rate MDR. for such expenses.
Ads & Campaigns in Social Network
In April 2022, OneCard ran two #BeTeamMetal campaigns. The ad is about OneCard’s mobile credit card that handle all aspect of your customer credit on one card, including bill payment, transaction, spending limits, offers and reward, and much more. In one video, a girl can be seen walking through the metal detector for the security check. The detector makes noise due to the build-up of metal on the OneCard, thus showing the authenticity of the card. The campaign was a huge success with 14 million views.